Buyers at Biscayne Beach have already closed on most of the units there.
Of 390 units, around 250 had closed by Jun 8, the developer told the SFBJ. Closing began in May with 99 percent of units already in contract.
The developer’s next project is Elysee in Edgewater, where 40 of 100 units have been sold.
Closings Moving Quickly at Miami’s Biscayne Beach Condominium
Two Roads Development and GTIS Partners pay off $120M construction loan, with more than half of the newly-completed tower’s 391 units already closed in the last 30 days.
MIAMI, FL – June 20, 2017 – Unit closings are underway and residents are moving in at the newly-completed Biscayne Beach condominium in Miami’s East Edgewater neighborhood, with more than 50% of the 52-story luxury tower’s 391 residences successfully closed over the last 30 days. The news comes as Two Roads Development and GTIS Partners, Biscayne Beach’s joint venture development team, retires its $120 million construction loan for the project. The loan, which was issued in 2014 by Blackstone Real Estate Debt Strategies, was used to help fund the development of the waterfront tower located at 2900 NE 7th Avenue. Construction of Biscayne Beach was officially completed last month with approximately 99% of the project’s units already sold and under hard contract.
“We have successfully retired our construction loan with Blackstone and are especially proud of the fact that we were able to pay back the loan ahead of schedule,” said Jim Harpel, chairman and senior partner at Two Roads Development. “We’ve been extremely satisfied with our relationship with Blackstone and look forward to working with the firm again in our future endeavors.”
Luxury residences at Biscayne Beach include one-, two- and three-bedroom condos, expansive townhome-style beachhouse units, as well as two-story upper penthouses with private rooftop pools and garden terraces. Only three units currently remain available for sale at the nearly sold-out tower, including two premium penthouse residences and one beachhouse unit priced from about $1.6 million to $9.4 million.
“The overall success of the closings at Biscayne Beach, alongside the record setting pricing for the East Edgewater neighborhood, is something we are all very pleased with,” said Rob Vahradian, senior managing director of GTIS Partners. “Furthermore, this is our second successful financing with Blackstone and they were terrific to work with – they did exactly what they said they were going to do terms-wise and closed quickly, and their asset management team was very responsive during the construction of the building.”